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of P32.000, and paid a cash dif perty be initially recognized?

of P32.000, and paid a cash dif perty be initially recognized?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mode 5- Exchange, 2* Priority On July 1, 2017, Banded Water Company traded in an old machine with a carrying amount of P10,000 for a similar new machine having a cash price of P32,000, and paid a cash difference of P19,000. 7) How much should the property be initially recognized? A 32.000 B. 29,000 C. 51,000 D. 13,000 8) How much is the gain or loss from the trade in transactions? A 22,000 B. 10,000 C. 3,000 D. Zero
Transcribed Image Text:Mode 5- Exchange, 2* Priority On July 1, 2017, Banded Water Company traded in an old machine with a carrying amount of P10,000 for a similar new machine having a cash price of P32,000, and paid a cash difference of P19,000. 7) How much should the property be initially recognized? A 32.000 B. 29,000 C. 51,000 D. 13,000 8) How much is the gain or loss from the trade in transactions? A 22,000 B. 10,000 C. 3,000 D. Zero
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